Kenwood Backs Off of JVC Bid
Kenwood has decided not to attempt to acquire the Japanese electronics brand JVC, leaving only two bidders remaining of the original four that emerged when JVC, a subsidiary of Matsushita Electronics Corp., was put on the auction block.
JVC, which pioneered VHS technology in the 1980s, has fallen on hard times more recently as production of televisions and DVD players has shifted from Japan to China. Kenwood announced in a statement that such a deal does not fit the company’s long-term goals. The remaining bidders are two American investment firms, Texas Pacific Group and Cerberus.